© Reuters.
BANGKOK – Binance, the global cryptocurrency exchange, has set its sights on Southeast Asia with recent approval from Thailand’s Securities and Exchange Commission (SEC) for a new venture. The joint effort with Gulf Innova, a subsidiary of Gulf Energy Development Pcl, will see the launch of a regulated digital asset exchange in Thailand.
The strategic move comes as Binance faces regulatory issues in Western markets, prompting it to withdraw from the European Union, including the Netherlands, and consider ceasing operations in the USA. The US SEC’s legal scrutiny against Binance and its CEO Changpeng Zhao has intensified, highlighting the need for cryptocurrency companies to seek regions with clearer regulatory frameworks.
Alex Chehade flagged the UAE as a favorable destination for such businesses, and now Binance is looking to Thailand to expand its footprint. Thailand’s SEC has granted Binance Holdings Ltd-backed Gulf Binance Co permission to start operating a cryptocurrency exchange next January, a stock exchange filing revealed earlier this week.
The new platform will first be accessible to a restricted group by invitation before being open to the general public. Gulf Energy holds a majority stake of 51% in the joint venture. The announcement was accompanied by images from photographer Andre Malerba, documenting the presentation of the future scholarship.
By entering into this joint venture, Binance is not only complying with Thai law, but also diversifying its global presence by taking advantage of the growing interest in digital assets in Southeast Asia. This latest development represents a crucial step for Binance as it navigates the complex landscape of international cryptocurrency regulation.
This article was generated and translated with the help of AI and reviewed by an editor. For more information, see our T&Cs.